Minnesota Real Estate Exam Prep

MN Salesperson Practice Exam

Our Minnesota Real Estate Exam Preparation guide will have you quickly prepared for your upcoming Salesperson License Exam. We have helped license over 50,000 students with an exam pass rate of over 95%. The practice exam questions and answers were created by industry experts and are constantly updated to Minnesota’s licensing requirements. We stand by our real estate practice exams and offer an exam pass guarantee.

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Minnesota License Requirements

The applicant must complete 3 prelicensing courses. Of these, Course 1 needs to be successfully passed before taking the real estate exams, and Course 2 and Course 3 may be taken either before or after passing the exams.

Applicants need to successfully pass both parts of the examinations and apply for their license within one year from passing. If more than one year before applying for the exam, the applicant must re-take Course 1 and then take the examinations again.

All applicants for the salesperson license need to be associated with a licensed Minnesota real estate broker in order to maintain an active license. The application fee for the license is $140. You can locate the salesperson application form online.

Minnesota Reciprocal Agreements

Colorado

Iowa

Nebraska

North Dakota

Oklahoma

South Dakota

Wisconsin

Minnesota Sample Practice Real Estate Exam Questions and Answers

Minnesota State Section

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Question 1

How soon can a broker receive a commission check after a closing in Minnesota?

A

After the transaction is completed and funded.

B

When the Buyer moves in.

C

Once the offer sheet is signed.

D

Once the seller agrees to the price.

Question 2

In what circumstances, if any, can a broker in Minnesota who is serving as an intermediary representing both parties collect compensation from both the buyer and the seller?

A

None; the broker may only collect compensation from one party to a transaction

B

Only when both buyer and seller have legal representation

C

Only when both buyer and seller give informed consent to this arrangement

D

In most circumstances, except when the buyer and seller are related

Question 3

Which of the following does NOT participate in reciprocity with Minnesota?

A

Oklahoma

B

Ohio

C

Wisconsin

D

South Dakota

Question 4

Who is responsible for maintaining a habitable property and for complying with local housing and building codes?

A

Agent

B

Lessee

C

Buyer

D

Lessor

Question 5

What term means "going to the state?"

A

escheat

B

Taxation

C

police power

D

Eminent Domain

Question 5 Explanation:

Escheat is if someone dies and there is no one to inherit or no will the property goes to the state.

Question 6

Which is not necessary for a valid contract?

A

offer

B

due date

C

acceptance

D

legal object

Question 7

What is homestead protection?

A

The status provided to a home owner's principal residence that protects the home against judgement up to a specified amount.

B

Net cash remaining to investor after sale of investment property

C

The estimated value that an asset will have at then end of it's useful life

D

Gradual subsidence of waters, leaving dry land

Question 8

After getting a license, how often must you take Continuing Education classes?

A

Every 4 years

B

Every 2 years

C

Every year

D

Every 3 years

Question 9

Mortgage "discount" points only apply if which of the following conditions are met?

A

The interest rate on the mortgage loan has been lowered by 2% for each point charged

B

The interest rate on the mortgage loan has been lowered by 1% for each point charged

C

The seller has agreed to pay 1% of the closing costs

D

The loan does not close and the buyer owes the lender for services rendered

Question 10

What is a holographic will?

A

a will and testament that has been entirely handwritten and signed by the testator.

B

a standard boiler plate will.

C

a will that has been approved by each family member.

D

a will that displays in 3D

Question 11

Which of the following is required for an applicant to receive a Real Estate License?

A

Must sit and pass the required exam

B

Must be 25 or older

C

Must have lived in the state for more than a year

D

Must have a Bachelors degree

Question 12

Which of the following would not put a sales person in jeopardy of losing their license in Minnesota?

A

Placing an ad claiming to be a broker when they are not.

B

Convicted of a felony

C

Being authorized to accept and excessive commission.

D

Depositing his/her clients escrow money into a personal account

Question 13

Does Minnesota participate in reciprocity with other states?

A

No

B

Yes

Question 14

Does Minnesota allow Holographic wills?

A

Yes

B

No

Question 15

The license law is administered by:

A

Minnesota Department of Real Estate

B

Minnesota Department of Commerce

C

Real Estate Commission of Minnesota

D

Minnesota Real Estate Commission

Question 16

Standing trees would be considered:

A

Chattels

B

Personal Property

C

Emblements

D

Real property

Question 17

Does Minnesota have dower laws?

A

No

B

Yes

Question 18

Is Minnesota a community property state?

A

Yes

B

No

Question 19

Does Minnesota have homestead laws?

A

Yes

B

No

Question 20

What tenancies does Minnesota allow?

A

Tenancy by the entirety

B

Neither

C

Both

D

Joint tenancy

Question 21

Which of the following is a landlord's option for a tenant not paying the rent?

A

turn off the power

B

unlawful detainer action in court

C

turn off the gas

D

lock the tenant out.

Question 22

A Salesperson license fee costs how much?

A

$100

B

$140

C

$160

D

$120

Question 23

Which of the following isn't part of a deed?

A

novation

B

Premises

C

acknowledgement

D

Habendum

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